In March, there was a decline year-over-year in new home closings in the Amarillo, TX market, but the decline was less than the year-over-year decline in February. New home closings moved from 27 a year earlier to 7 after the figure moved from 23 in February 2015 to 5 in February 2016.
A total of 158 new homes were sold during the 12 months that ended in March, down from 178 for the year that ended in February.
On a percentage basis, new home closings as a part of total closings decreased to 1.4% from 5.2% a year earlier. Following a year-over-year decline in February, closings of new and existing homes also sank year-over-year in March.
Pricing and Mortgage Trends
The average price of new homes rose to $297,253 from last year's $221,874. This followed a 6.1% decline in February from a year earlier.
Average mortgage size on new homes went from $202,578 a year earlier to $252,418. Average mortgage size on new homes went from $228,292 in February 2015 to $202,760 in February 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2016.
The average unit size of newly sold homes rose from 2,178 square feet a year earlier to 2,351 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 12.7% of existing closings, lower than 16.5% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.1% in March from 8.2% a year earlier while REO closings as a percentage of existing home closings dropped to 5.6% from 8.2% a year earlier.